MAS is committed to providing consistent and fair value premiums for Members, which is why we are making some adjustments to our premium rates for our life insurance policies.
Why the changes are needed
As we've introduced newer policies over the years, we priced older and newer versions differently. To ensure all Members with Life Insurance cover are paying the same premium rate for their age, we are making the following changes:
Life Insurance policies with a policy number starting with 'L00'
We are reducing premium rates for Life Insurance cover by an average 7.6%. This change will be made over the next 12 months.
Life Insurance policies with a policy number starting with 'PL'
We are increasing premium rates for PLP Life Insurance cover over the next two years. The average increase over the next 12 months is 6.5%. We expect the following years increase to be of a similar amount.
These changes affect premium rates we use to calculate your policy premium. Your premium is also influenced by your age and any additional cover you may have added to your policy. This means the change in the actual premium you pay for the next year will differ from the percentages quoted above.
These changes are only intended to equalise the premiums paid by Members with equivalent MAS policies. We have not made these changes to increase the overall premium we collect from Members across our life insurance portfolio.
When these changes will take effect
We will introduce these new rates on 1 November 2020 for all new policies we issue. For existing policies, the new rates will apply to your policy on its first renewal after this date. Your renewal notice contains your new total annual premium payable.
Does this insurance still meet your needs?
It's important to review your insurance regularly to make sure it continues to meet your needs. If you would like to speak to an adviser about these changes, the ongoing affordability of your insurance, or for a general check-up on your insurance needs, please contact us on 0800 800 627 or email@example.com.
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